should he sign

this is odd, guest. why a loan officer would request a quit claim be signed is particulary peculiar (unless he is also an officer of the court - not likely). if you are purchasing, then there is no deed to be transferred, right? and why does that bank require a quit claim deed on a property you don't even own yet?

divorce/separation have nothing to do with this, but i find it troubling that you don't have any additional information. who is your lawyer? or did the loan officer tell you not to bother with one?

Well the only thing she tells us is that i am the only one on the loan, and there cannot be more than one person on the loan since we are only using my credit, and my name only.I don't have any lawyer yet.

If you on the only one on the loan, your spouse should sign the Deed of Trust but not the note. If you are both married then he will have interest in property, I assume. Unless prenupt was signed. You can''t quick claim deed something that you don''t own. This makes no since of the loan officers request. Married couples with only once spouse being liable on the loan happens everyday. This is nothing new to the banking industry. What is new is this loan officer advising you to file a quick claim deed for you husband''s soon to be interest in the property. Check out your loan officer track record? How long have he been in business? Good luck =)')

Thank you, so there is something fishing or behind the curtains about this?I will have to sing papers soon, and I should ask the bank loaner to clarify this situation if it is true that, that's what they are requiring in order for me to get the loan,right? so my husband shouln't sign anything not unless the property is own.

Right, and if they do not want him to be on the loan. He only needs to sign the Deed of Trust. He doesn't have to sign the Note. (The note is simply means, they ran my credit and approve me for this loan and I am the one that is paying you back.)

I am saying that he can't release his interest in something that he doesn't own. He will have to sign something at closing because he is your spouse. But he doesn't have to be on the loan. From the bank's documents the deed of trust is the only thing he needs to sign.

He should not have to do any type of vesting deed (such a quick claim) unless you are getting a divorce or you are selling this property.
He is your husband and he has a right (interest) in the property that you acquire while being married. The loan officer can not just mark him off the list as if you are not married. That's insane!

I believe so too, thank you so much for all your help on making me understand something that we new it was crazy on the first place.We are going to make sure everything is properly done by going in there deeply.
Thank's again!

you need to engage a lawyer...at this time, i'm hoping that you're not taking recommendations from your loan officer for "good legal counsel."

No, not at this point, We will take this matter into consideration and find a good lawyer in our area before we close down the deal. Thank's

nor at any point, i would hope.

After reading this thread it has become clear to me that there is something very wrong happening in the mortagage industry. I want to thank you guys for your responses to this lady. I too was asked to sign a quit claim deed when we purchased a home last year, my husband is on the loan and I am not, we were told that this is common practice and he would not secure a loan without it. I signed, without consulting an attorney, my husband had problems with this as well and we were told that he could put me back on once papers were signed, what in the world is going on???

Didn't you ask the lender why you should sign a quitclaim? Did you have a bad credit score when you applied for the loan?

Hi

I think the lender asked you to sign the deed because you are not on the loan. If you did not sign the deed, you would have retained an interest in the property, which means in case the property goes into foreclosure the lender will have to pay you for your interest in the property before they can sell the property to recover the outstanding loan amount. This is why they make sure that the proeprty is only in the borrower's name before they offer a loan.

it all sounds too fishy to me.

Not only is it "fishy" but it seems to have come out of blue, in other words, many couples in the past decades have bought homes with only the husband on the loan, people have also divorced in the past as well, I have never heard of a bank having to pay the other spouse off in a divorce over a forclosure. Nor have I ever heard of a bank having to pay the other spouse his or her interest in a home that is going to be forclosed on. If the house is forclosed on it is because payments were not made to the bank, when you lose your home to forclosure you give up your rights to any equity for any spouse involved.

Again, I agree, sounds fishy and I'm going to do some further research into this, I'm beginning to believe that there is no legal presidence for this.

cami, that poster who speculated about the other spouse being paid for his portion of the equity is apparently unqualified to comment on that aspect of business. of course not - it's never going to happen that a lender pay a spouse for his or her interest in a property. a foreclosure is a foreclosure, plain and simple. whoever owns the home when it goes to foreclosure loses all claims on that home once the process is complete.